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VIB dominates Vietnam’s credit card market with diverse product range

IFM_VIB
VIB pays special attention to creating a superior cashless shopping experience for Vietnamese travellers

VIB has transformed Vietnam’s credit card landscape, offering a diverse range of products tailored to the Southeast Asian country’s tech-savvy consumers. From cashback rewards to travel perks and family-focused benefits, VIB has positioned itself as the leading card issuer in the country.

Launched in 2019, VIB Cash Back has emerged as one of the first cashback card lines of VIB. The bank has now increased the cashback level by 2.5 times, with a maximum of VND2 million (USD 82) per month when spending via card. This card line has become popular among users for daily transactions.

“Similarly, the VIB Super Card also boasts the highest cashback rate in the market. Despite its recent launch in June 2023, the card line has attracted more than 7,000 new and frequent users thanks to the cashback and point accumulation feature of up to 15%,” the venture stated, while interacting with International Finance.

IFM-VIB2

As “the Best New Credit Card in Vietnam in 2023,” the VIB Super Card has made a big splash in the market. The card enables users to choose cashback or reward features, card number, statement date, and minimum payment amount. With just a few simple steps, users can own one of VIB’s most personalised cards.

The Super Card provides up to 15% flexible rewards on shopping, travelling and dining, apart from flexibility in the minimum amount due and billing date.

“As for the VIB Rewards Unlimited card line, the point accumulation rate for each shopping transaction at shopping centres is 1–10 points for every VND1,000. With a total spending of VND10 million in the statement period, all cardholders can enjoy double bonus points for the period. Reward points are accumulated into gift vouchers, annual fees, airline tickets, or even cash right on the MyVIB mobile banking app,” the venture noted.

VIB also pays special attention to creating a superior cashless shopping experience for Vietnamese travellers. VIB Travel Elite focuses on spending experience throughout the journey abroad.

Notably, VIB has lowered the fees to 0% for the first three statement periods and only 1% for the following periods, which is superior to the average rate of 4-6% in the market.

IFM-VIB3Meanwhile, VIB Premier Boundless offers cardholders free access to more than 1,000 global business lounges. In addition, cardholders can earn Vietnam Airlines bonus miles to redeem for airline tickets or seat upgrades for subsequent flights.

With the leading e-commerce card line, VIB LazCard, cardholders can receive up to a half refund for online shopping at Lazada.

Besides, “VIB Online Plus 2in1” is also popular with its cashback feature of 3% for online spending in the domestic market and 6% abroad. With card purchases or withdrawals in person, users also receive a cashback of 0.1% on each transaction.

Targeting Vietnamese families, VIB, in collaboration with international card organisation Visa, issued the first credit card line specifically for parents with young children on the market, VIB Family Link.

With the Financial Free card line, VIB offers three “no-fee” privileges for cardholders, including a lifetime annual fee waiver, unlimited withdrawals up to 100% of the credit limit, and 0% interest on all spending and withdrawal transactions.

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